Oil and Industry

Energy 24-11-2020

Oil hits highest since March, but still drastically down from last year

The oil price has reached its highest point since it plummeted in March due to COVID-19 lockdowns, as market confidence grows in coronavirus vaccines.
Energy 23-11-2020

Oil and gas majors sign up to ‘gold standard’ of methane reporting

Sixty-two major oil and gas companies on Monday (23 November) agreed to a new framework for monitoring, reporting and reducing methane emissions as part of the Oil and Gas Methane Partnership 2.0.
Energy 16-11-2020

UK set to move petrol and diesel ban forward to 2030

Prime Minister Boris Johnson is expected to move the ban on sales of new petrol and diesel cars forward to 2030, as part of a raft of new policy announcements to drive the UK towards its net-zero target. EURACTIV's media partner edie.net reports.
Energy 09-11-2020

Norway plans heavy oil ban around Svalbard

The Norwegian government has announced plans to ban heavy fuel oil (HFO), a dirty marine fuel that propels most vessels, around its Svalbard archipelago in the Arctic Ocean. The effort comes as UN efforts have been deemed too slow.
Energy 05-11-2020

Emissions from energy sector likely to rebound from COVID-19, Capgemini warns

Emissions from the global energy sector will be 7-8% lower in 2020 than in 2019, but most nations are still failing to align their energy generation and consumption patterns with long-term climate targets, Capgemini is warning. EURACTIV's media partner, edie.net, reports.
Energy 28-10-2020

European energy companies launch major carbon capture projects off UK coast

After decades spent extracting fossil fuels from the UK’s North Sea, a consortium of oil companies is preparing to pump Britain’s greenhouse gas emissions back beneath the seabed to help meet the government’s climate ambitions. EURACTIV's media partner partner, The Guardian, reports.
Energy 07-10-2020

Major fossil fuel firms set to miss 2°C climate target, research shows

None of the world's major coal, oil and and gas companies are on track to limit climate warming to 2°C by 2050, according to new research released on Wednesday (7 October).

Norway makes second attempt at carbon capture ‘moon landing’ project

Norway will finance two-thirds of a large-scale project to capture and store carbon dioxide – its second attempt to cut greenhouse gas emissions in a plan that was previously touted as the oil-producing country's moon landing.
Energy 21-09-2020

EU lists sectors eligible for carbon compensation perks

The European Commission reduced on Monday (21 September) the number of industrial sectors eligible for compensation against higher electricity costs caused by the EU carbon market, the Emissions Trading Scheme.
Energy 11-09-2020

Polish oil firm signs up to 2050 climate neutrality goal

PKN Orlen, Poland's largest oil refiner and retailer, this week became the first oil company in central Europe to commit to climate neutrality by 2050, with plans to invest billions in energy efficiency, solar, wind, and hydrogen.
Energy 04-09-2020

Oil industry placing risky bet on plastics, report says

Big oil producers are pinning their future growth on the world's insatiable appetite for plastic, researchers said Friday (4 September), in a "bet" on society's failure to tackle disposable consumption that risks stranding billions of dollars in petrochemical investments.
Energy 20-07-2020

Has the coronavirus killed the oil sands industry?

The spectacular collapse in oil prices caused by the coronavirus pandemic has brought the costliest – and most polluting – oil projects such as tar sands to a standstill, a development some analysts say could be definitive.
Energy 16-07-2020

Oil giants including Exxon set first joint carbon target

A group of the world's top oil companies including Saudi Aramco, China's CNPC and ExxonMobil have for the first time set targets to cut their combined greenhouse gas emissions as a proportion of production, as pressure on the sector's climate stance grows.
Energy 08-07-2020

VW to ditch petrol and diesel cars manufacturing at key factory

Volkswagen is set to remove production lines for all internal combustion engine vehicles from one of its key factories this year, replacing them with electric vehicle production capacity. EURACTIV's media partner, edie.net, reports.
Energy 08-07-2020

Virus crisis threatens to set back oil platform decommissioning

Oil companies are being forced to cut spending due to a fall in global oil prices, threatening funds earmarked to dismantle dated off-shore rigs, despite environmental risks.
Climate change 24-06-2020

US oil giants lagging behind Europe on climate goals, research finds

US-based oil and gas majors are lagging well behind their European counterparts when it comes to plans for cutting emissions to comply with the Paris climate deal, according to analysis released Wednesday (24 June).

Europe’s oil refiners outline path to climate neutrality by 2050

The European oil refining industry association, whose members includes Shell, BP, ExxonMobil and Total, outlined on Monday (15 June) a €650 billion plan to completely decarbonise transport fuels by 2050.
Energy 04-06-2020

Oil, gas, coal could lose two-thirds of value by 2070, says study

Business in oil, gas and coal is becoming increasingly unprofitable as global fossil reserves could lose around two-thirds of their value in the next 50 years, plummeting from around $39 trillion to $14 trillion, according to a study published on Thursday (4 May) by British think tank Carbon Tracker. EURACTIV Germany reports.

Natural gas is a ‘caveat’ in energy transition, EU admits

While fossil fuel projects are in theory excluded from EU funding, natural gas will continue to play a key role in replacing coal while helping to build a hydrogen infrastructure at least cost, EU climate chief Frans Timmermans said on Thursday (28 May).

EXCLUSIVE: Eight EU states back ‘natural gas’ in net-zero transition

A group of eight EU countries from the Balkans and the east have joined forces to defend the “role of natural gas in a climate-neutral Europe”.
Energy 19-05-2020

Coronavirus creates repair headache for oil and gas industry

The coronavirus pandemic has disrupted maintenance at oil and gas projects and refineries from Russia’s Far East to the coast of Canada, storing up problems for an industry already reeling from slumping prices, analysts say.
Climate change 12-05-2020

IEA: Oil crisis is ‘litmus test’ for industry’s resolve on climate

The April oil market crash will test the determination of majors like Shell and BP, which have recently announced goals to reach net-zero emissions by 2050, according to the International Energy Agency (IEA).

Dutch outline clean hydrogen ‘vision’, aim at global market

The Netherlands want to use their “unique starting position” in the gas value chain to become world leaders in the production and use of clean hydrogen, saying the fuel “can become a globally traded commodity”.
Climate change 20-03-2020

Heavy-emitting firms ‘off-track’ from 2C climate target

More than 80% of the highest-emitting listed companies are failing to deliver emissions reductions aligned to the Paris Agreement's 2C global warming limit, with many of them also failing to account for climate mitigation and risk strategies. EURACTIV's media partner, edie.net, reports.

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LUKOIL

LUKOIL is one of the largest publicly traded, vertically integrated energy companies in the World. The corporate mission of LUKOIL is to make the energy of natural resources serve the interests of mankind. Every day millions of consumers worldwide buy LUKOIL products, energy and heat, improving the quality of their life.

LUKOIL’s main activities are exploration and production of oil and gas, refining and marketing of petroleum products and petrochemicals, as well as power generation. In order to reduce environmental impact and make efficient use of resources, LUKOIL has developed renewable energy solutions including hydroelectric, solar and wind generation.

LUKOIL conducts its business in a responsible and sustainable way, seeking to strike a balance between socio-economic and environmental development by supporting communities, contributing to the economy and preserving the environment. The company stringently abides by the highest global environmental standards and shares the principles of the United Nations Global Compact ensuring high levels of occupational safety and health. Taking social responsibility for the efficient use of natural resources in all its earnestness and maintaining favorable environmental conditions in its business, LUKOIL is guided by the highest HSE standards. In its operations LUKOIL pursues the sustainable development principles and seeks to achieve a good balance between socio-economic and environmental development.

LUKOIL corporate governance system is based on international best practices and fully incorporates the principles of openness, regulatory requirements, fair competition, and transparency.

LUKOIL ordinary shares are admitted to the Moscow Exchange. LUKOIL depositary receipts are listed on the London and Frankfurt Stock Exchanges, as well as on the US OTC market.

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